Zao Wou-ki Fetches $14.7 Million at Sotheby’s Beijing

A painting by 20th-century Chinese artist Zao Wou-ki sold for 89.7 million yuan ($14.7 million), a record price for the abstract painter, at Sotheby’s first major auction in Beijing on Sunday.

“Abstraction,” a large, dark canvas dominated by black and white with splashes of orange, was one of 141 modern and contemporary Chinese artworks at the sale, held in the Shangri-La Hotel. The auction generated 227.1 million yuan in total for Sotheby’s, with 112 (79%) of the lots sold.

Advertisement

The Zao work, in the artist’s trademark style, was purchased by Zhang Xiaojun, a collector from Shanxi province, the auction house said. The work, which exceeded its 45 million yuan pre-sale estimate, was put on the block by the Art Institute of Chicago.

Another work by the artist, titled “Abstract Landscape 27.08.91,” sold moments later to a mainland Chinese buyer for 44.8 million yuan, more than seven times the 6 million yuan pre-sale estimate.

Sotheby’s, the world’s No. 2 art auction house after Christie’s, first gained a license to operate in China last year. Its auction activities in China are a joint venture with Beijing Gehua Cultural Development Group.

Though the firm has held small sales in the past in the country, the Sunday event was by far its biggest since it obtained its license.

Sotheby’s and Christie’s are both vying for a piece of the mainland Chinese art market, which has become the world’s second-largest. However, both firms are banned from trading in so-called “cultural relics,” which include Chinese porcelains and classical ink paintings and porcelains – the most valuable categories in the Chinese art trade.

The two houses are taking different approaches on how to tackle the market. Last month, Christie’s held its first sale in mainland China in Shanghai, featuring everything from Picasso to Southeast Asian art.

Expert Insight

New rules on labor negotiations in southern China offer a potential solution to the country's growing problem with labor unrest while at the same time illustrating the difficulty the Communist Party faces in effectively addressing workers’ grievances.

For much of the last half-century, changing China through economic reform seemed to make far better sense than transforming the country through political revolution. Xi Jinping is trying to flip that on its head.

About China Real Time Report

China Real Time Report is a vital resource for an expanding global community trying to keep up with a country changing minute by minute. The site offers quick insight and sharp analysis from the wide network of Dow Jones reporters across Greater China, including Dow Jones Newswires’ specialists and The Wall Street Journal’s award-winning team. It also draws on the insights of commentators close to the hot topic of the day in law, policy, economics and culture. Its editors can be reached at chinarealtime@wsj.com.